Websoftex is a online web based Nidhi solutions built especially for Nidhi Companies with automatic posting of business data to accounts module. Websoftex is a .NET based centralized database online software for Nidhi Companies with core banking operations such Fixed Deposit, Recurring Deposits, Daily Deposit Schemes, Loan to Customers, Monthly Income Schemes, Dividend declarations etc. Websoftex handles the Members details. Websoftex handles all Saving A/c, Current A/c, FD A/c, RD A/c, DDS A/c. Websoftex handles management of Cheque book, Pass book and Bond. Websoftex handles all kind of Loan operations, Printing Loan Ledger, Automatic Interest Calculations.
Websoftex has integrated General Accounting Module with Cash-Bank Book, Journal Entries, General Ledgers, Trial Balance, Day Book, Fix Deposit, Profit and Loss Statement, Balance Sheet etc. Fully secured database with role based security implementations.
A Nidhi Companies is a legal entity owned and democratically controlled by its members. Members often have a close association with the enterprise as producers or consumers of its products or services, or as its employees.
Websoftex has been working in software development since last seven years. In that period we have design lot of websites & software, "Nidhi Companies Software" is one of them. Before developed that our experts research on that in very deep and understood the concept also. After more research on that we started the work to develop the "Nidhi Companies Software" software. Our team thought that lot of limitation in window base like core banking, real time updation is not available etc, so we decided to develop that application on Web.
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In exercise of the powers conferred under sub-section (1) of section 406 read with sub-sections (1) and (2) of 469 of the Companies Act, 2013, the Central Government hereby makes the following rules, namely:-
(a) Every company which had been declared as a Nidhi or Mutual Benefit Society under sub-section (1) of section 620A of the Companies Act, 1956.
(b) Every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under sub-section (1) of section 620A of the Companies Act, 1956.
(c) Every company incorporated as a Nidhi pursuant to the provisions of section 406 of the Act (hereinafter referred to as Nidhi).
4. in these rules:-
(i) "Act" means the Companies Act, 2013.
(ii) "Doubtful Asset" means a borrowal account which has remained a non-performing asset for more than two years but less than three years.
(iii) "Financial year" means financial year as defined in sub-section (41) of section 2 of the Act.
(iv) "Loss Asset" means a borrowal account which has remained a non-performing asset for more than three years or where in the opinion of the Board, a shortfall in the recovery of the loan account is expected because the documents executed may become invalid if subjected to legal process or for any other reason.
(v) "Member" means a member as defined in sub-section (55) of section 2 of the Act.
(vi) "Net Owned Funds" means the aggregate of paid up equity capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet:
Provided that:
(a) A reserve shall be considered as a "free reserve" if it is available for distribution as dividend.
(b) The amount representing the proceeds of issue of preference shares shall not be included for calculating Net Owned Funds.
(vii) "Non-Performing Asset" means a borrowal account in respect of which interest income and/or installment of loan towards repayment of principal amount has remained unrealised for 12 months.
(viii) "Standard Asset" means the asset in respect of which no default in repayment of principal or payment of interest has occurred or is perceived and which has not shown signs of any problem relating to repayment of principal sum or interest nor does it carry more than normal risk attached to the business.
(ix) "Sub-Standard Asset" means a borrowal account which is a non performing asset: Provided that reschedulement or renegotiation or replacements of the loan installment or interest payment would not change the classification of an asset unless the borrowal account has satisfactorily performed for at least twelve months after such reschedulement or renegotiation or replacement.
"Nidhi" means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.[Section 406]
According to Rule 4 of Nidhi Rules, 2014; a Nidhi Company shall be a public company and must have a minimum paid up equity share capital of five lakh rupees. The Nidhi Company shall have only one object in its memorandum that is of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. Every Company incorporated as a “Nidhi” shall have the last words ‘Nidhi Limited’ as part of its name.
Rule 5 say, every Nidhi shall, within a period of one year from the commencement of these rules, ensure that it has:
(a) Not less than two hundred members.
(b) Net Owned Funds of ten lakh rupees or more.
(c) Unencumbered Term Deposits of not less than ten per cent of the outstanding deposits.
(d) Ratio of Net Owned Funds to deposits of not more than 1:20.The process of incorporation of a Nidhi company is same as of incorporation of a public company limited by Share.
Relevant rules in the Nidhi Rules, 2014 as under:-Loans
A Nidhi shall give loans to its members only against the following securities, namely:-
Directors
A Nidhi Company has to satisfy certain criteria as provided by MCA to open branches which are as Follows:-
Pursuant to Notifications GSR 555 (E) dated July 26, 2011 and GSR 308 (E) dated April 30, 2002, MCA directed Nidhi Companies to not carry out certain activities such as:-